Reso 2006-1005 - Laserfiche WebLink

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ANAL YSIS OF SALES The land sales range in unit price from $217.40 to $455.63 per square foot ofIand area, The sales range in time from June of2003 to April of2006. Propertv Ril!hts The fee simple interest is the property right of the subject property being valued, The comparable sales involved the same type of property rights. Conditions of Sale All of the sales were arm's-length transactions. An arm's-length transaction is defined as a transaction freely arrived at in the open market unaffected by abnormal pressure or by the absence of normal competitive negotiation as might be true in the case of a transaction between related parties. Financinl! The financing of the sales does not indicate any adjustments of the sale prices for favorable/below market financing. Date of Sale (Market Conditions) The sales range in time from June of2003 to June of2005. There has been an upward trend in prices over this time period. Many of the sales were contracted up to six months prior to the closing date. A comparison of the unit prices of Sales 1 and 2 which sold in mid to late 2003 to the unit prices of Sales 4 and 5 which sold in mid to late 2004 indicates an approximate 50% increase over a year period or approximately 4% per month. While this may seem like a large increase, this increase per month has been typical throughout Miami-Dade County over the past two years, Sale 6 consisted of nine transactions from January of 2005 to April of 2005 with the majority of the transactions occurring in January of2005. Sale 8 was the purchase ofthe subject property and consisted of66 transactions which occurred in April of2006. Location All of the comparable sales are located along the east side of Collins A venue with Atlantic Ocean frontage in Sunny Isles Beach or nearby Bal Harbour. The sales and the subject site are considered similar in location. Sale 7 is located on the south side of the subject site. Sale 8 is Ihe purchase of the subject site. QUINLIVAN APPRAISAL 39